What are the market trends for the Pet Food Ingredients market?

The global pet food ingredients market size was valued at USD 39.94 billion in 2018 and is likely to expand at a CAGR of 5.9% during the forecast period. The emerging awareness about the nutritional benefits of minerals, dietary fiber, carotenoids, and omega-3 fatty acids in pet nutrition emerged as the primary factors towards the development of the pet food ingredients market.

Today many of the pet food manufacturers offer wide-ranging products with multiple options that serve various purposes. Customers can choose products depending on various factors such as breeds, life stages, price points, ingredient preferences, disease conditions, etc. Thus, this kind of changing dynamics is likely to boost the pet food ingredients market.

Further, it is estimated that the number of households with companion animals between 2006 and 2016 grew significantly across the globe. Especially in the United States, the growth in the total number of households in the past ten years has been observed to be less than the growth in the total number of households with companion animals.

Gather more insights about the market drivers, restrains and growth of the Global Pet Food Ingredients market

Also, increasing dog and cat adoption along with the rising focus on improving productivity and health are some of the major driving factors for the market. At present, the majority of ingredients used in the preparation of companion animal’s food is synthetic owing to the low cost and ease of availability.

According to the Pet Food Industry, nearly 95% of pet owners assume their companion animals as a part of their family and thus give importance to the quality of ingredients in the food that is served to them. Consumer’s preference for high-quality ingredients is a major driving factor for premium and super premium products in this market.

However, rising concern regarding the harmful effect of certain synthetic ingredients, a consistent decrease in the use of antibiotics such as ethoxyquin and policymakers focus on increasing the use of organic and natural products are projected to develop the natural products at the fastest growth rate over the coming years.

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